Gallatin National Bank
| Industry | Banking |
|---|---|
| Predecessor | National Bank in the City of New York |
| Founded | 1829 |
| Fate | Merged into Hanover National Bank (1912) |
| Headquarters | New York City, New York |
Key people | Albert Gallatin James Gallatin |
| Products | Financial services |
The Gallatin National Bank, established in 1829 in New York City by former U.S. Treasury Secretary Albert Gallatin, was ultimately incorporated into the Hanover National Bank in 1912.
History
Originally chartered as the National Bank in the City of New York in 1829, the institution commenced business activities in 1831. It was founded by notable New York entrepreneurs, including John Jacob Astor, with Albert Gallatin serving as its inaugural president. The bank’s initial funding amounted to $750,000. Upon Gallatin’s retirement in 1839, leadership passed to his son, James Gallatin.
By 1857, the bank’s capital had grown to $1.5 million. Following its integration into the National banking system in 1865, it adopted the name Gallatin National Bank of the City of New York to recognize the Gallatin family’s contributions. James Gallatin remained at the helm until 1868, when Frederick D. Tappen assumed the presidency and served until his passing in 1902. Tappen, who began his tenure at the bank in 1850, played a significant role within New York’s financial community and chaired the New York Clearing House during the financial crisis of 1893. Although capital declined to $1 million by 1878, the bank consistently distributed dividends from 1832 up until its merger in 1912.
In 1887, the bank inaugurated the Gallatin Bank Building located at 36 Wall Street, constructed on property acquired following James Gallatin's departure. This building remained for 42 years before being demolished to accommodate 40 Wall Street, completed by the Bank of the Manhattan Company in 1929 and recognized at that time as the tallest office tower worldwide. The bank mourned the loss of longtime cashier Arthur W. Sherman in 1898. After Tappen's death, Samuel Woolverton, who had joined as cashier in 1898, rose to president and was appointed Secretary of the New York Clearing House in 1908.
Hanover National Bank
The year 1912 marked the absorption of Gallatin National Bank by Hanover National Bank, resulting in one of the largest banking institutions nationally. At this point, Hanover held deposits close to $100 million with combined capital and surplus of $16.5 million; meanwhile, Gallatin maintained $1 million capital, $2 million surplus, and deposits exceeding $7 million. Following the merger, Gallatin’s president Samuel Woolverton became a vice president and director at Hanover, accompanied by Ernest Iselin representing family interests and Emlen Roosevelt.
Leadership
- Albert Gallatin (president: 1829–1839)
- James Gallatin (president: 1839–1868)
- Frederick D. Tappen (president: 1868–1902)
- Samuel Woolverton (president: 1902–1912)
